Browsing: Retirement Benefits Authority (Kenya)

retirement pension Kenya

The slow growth in the retirement benefits assets in Kenya in the second half of 2020 has been attributed to the Covid-19 pandemic.

Retirement Benefits Authority Chief Executive Officer Nzomo Mutuku revealed the sector only grew by 5.77 percent from Sh1.322 trillion to Sh1.398 trillion, owing to the pandemic which adversely affected the financial markets and the wider economy in the first half of last year.

Major consequences of the pandemic in the country include massive job losses, which put contribution towards retirement schemes under pressure.

Mutuku said that fund managers and approved issuers in the country held majority of the assets amounting to Sh1.286 trillion.

During the period under review, Mutuku revealed that schemes continued to invest heavily in government securities with the asset class accounting for 44 percent of the total assets under management.

This was followed by immovable property which accounted for 17 percent, investments in guaranteed …